Displaying 11 - 20 of 195 Forum Posts Prev 1 2 3 4 5 Next
  • Mar 28, 2017 05:52 PM
    Last: 20hr
    11k
    Gdg Wrote:

    A question. I may need to retire next year which is my full retirement age, but if I waited until 70, my benefit would be significantly higher. However, company reorganization will force me to retire. So, the plan is to retire at 66 and wait until 70 to collect. The question is whether or not my benefit would remain the same at 70 as it would be at 66 because I would no longer be contributing. Or, would it increase as it would if I were still working and contributing because the government would have the benefit of holding on to my money (as paultry as it is) longer. I have my 40 quarters already locked in.

    And, if I do find work, I would likely not earn as much, so is the social security benefit based on the highest earning years?

    It's a little complicated, but the short answer is that your benefits will be calculated based off the earnings of your most profitable 35 years of employment.

    The Social Security Administration has various retirement calculators that allow you to put in your financial information and figure out what your benefits will be when you choose to start receiving them.

    I'd suggest starting with that and then contacting the SSA if you need any further clarification.

  • Apr 17, 2017 04:03 PM
    Last: 8d
    118

    Saving for retirement can be difficult, but one of the easiest things you can do is invest in a 401k if your employer offers one and is willing to match up to a certain amount. If you don't then you are literally throwing away free money being offered to your by your employer.

    Many employers will contribute to their employees 401k in one of four ways - a percentage match, a "fixed" match, a set contribution, or using a special formula. Out of these four, the percentage match is the most common in the workplace.

    A percentage match is when your employer will match whatever amount you contribute to your 401k up to a predetermined percentage. If your employer says they will match your contribution up to 6% of your salary and you are able to manage that much then you are actually setting aside 12% of your salary each paycheck. So if you make $40,000 a year, contribute 6% to your 401k and your employer matches, then you just saved $4,800 in one year.

    If you can't afford to contribute the maximum amount for whatever reason then just contribute whatever you can because the money does start adding up regardless if your employer is matching the full amount of a smaller amount.


    Is anyone currently enrolled in a 401k? If so, are you happy with it or do you think there's a better way to save for retirement?

  • Apr 05, 2017 05:23 PM
    Last: 13d
    492

    I have conflicting opinions on this.

    On one hand, I struggle with the concept of the government handing over someones tax information to a third party. On the other, this program seems to be tailored towards individuals who haven't responded to the IRS's numerous communications to set up a payment plan to pay down their debt.

    It's very easy to set up a payment plan for debt owed to the IRS. I had to do it myself a few years ago and they worked with me to make it as easy as possible. They asked how much I could afford each month and then set up a plan for my tax debt to be paid off over three years. They also have plans that can spread out over an even longer period for people who owe a lot of money.

    That hasn't changed with this new program. All that's seemed to change is that the IRS is now sending the information of people who refuse to respond to their communications to a third party in order to try to obtain the tax debt that is owed to the government. As Benjamin Franklin famously said - "[I]n this world nothing can be said to be certain, except death and taxes.”

  • Apr 11, 2017 03:06 PM
    Last: 14d
    2.9k
    That's a good question. I would suggest contacting the Social Security Administration and speaking with someone directly to ensure you get the most benefits you are eligible for.
  • Apr 08, 2017 09:43 PM
    Last: 16d
    586

    This is something I really wish the Federal government would step up more on. Invisible state lines shouldn't determine whether or not a child gets to go to Pre-K or if a family is able to put food on the table.

  • Mar 21, 2017 12:20 PM
    Last: 9d
    4.2k
    I'm actually very proud of myself this year. I got my taxes in with over a week to spare. It might help that I'm filing jointly for the first time and my wife doesn't share the same opinions as me when it comes to filing. Happy wife, happy life!
  • Apr 02, 2017 01:55 PM
    Last: 24d
    335

    If you're finding yourself in a financial bind and need money fast then sometimes your only option is to apply for a payday loan. Knowing which one to use can potentially wind up having a big part in determining how much money you will have to repay once the loan is due.

    The first thing anyone should do when researching a payday loan lender is finding out if they are licensed by your state. If they are not then you should be wary of filing an application for a loan with them.

    Next you will need to ask whatever loan officer you're working with exactly how many fees and extra costs are associated with the loan and also make sure that is in writing. You should know exactly how much your loan is going to cost before you sign on the dotted line. If the loan officer refuses to inform you of that or is making it very difficult for you to understand then you may want to rethink doing business with them.

    You should also ask if your payday lender if your personal information is protected of it they will be selling your information to third party sources. Many lenders sell their customers contact and other information to other sources as a means to prop up their bottom line.

    There's no "right" answer when it comes to payday loans because each state has their own rules and regulations, but these few simple tips could help regardless of what state you live in.

  • Mar 30, 2017 03:10 PM
    Last: 27d
    2.8k

    Whether you're eligible for Supplemental Nutrition Assistance Program (SNAP) benefits or not simply boils down to one thing - location, location, location. SNAP is a Federal program that is administered by the 50 states and each state is able to determine who qualifies for food assistance.

    If you need food assistance then the first thing you should do is fill out an application either online or at your local Department of Health and Human Services office. Whether or not you qualify for the program will depend on your family income and what state you reside in because each state has their own rules and regulations determining who is eligible for food assistance.

    Filling out an application will only take a few minutes and if you qualify then you'll be able to begin receiving your assistance as soon as your state allows it.

  • Mar 27, 2017 04:39 PM
    Last: 29d
    2.7k

    Are you talking about Social Security credits?

    Here's what the Social Security Administration says about credits:

    How do I earn Social Security credits and how many do I need to qualify for benefits?

    We use your total yearly earnings to figure your Social Security credits. The amount needed for a credit in 2016 is $1,260. You can earn a maximum of four credits for any year. The amount needed to earn one credit increases automatically each year when average wages increase.

    You must earn a certain number of credits to qualify for Social Security benefits. The number of credits you need depends on your age when you apply and the type of benefit application. No one needs more than 40 credits for any Social Security benefit.

    Source: SSA.gov

  • Mar 27, 2017 02:07 PM
    Last: 29d
    1.4k

    There are a whole lot of variables when it comes to this question.

    I'd encourage you to contact the Social Security Administration, but they do have a list of Frequently Asked Questions concerning marriage on their official website.